Business software and services help businesses streamline operations, increase productivity and efficiency. Key products include accounting software, HR software, cloud computing solutions, ERP software etc. These solutions help businesses manage finances, employees, projects and day to day operations effectively.
The global Business Software and Services Market is estimated to be valued at US$ 525.77 Bn in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of cloud computing is gaining traction across industries. Cloud-based software as a service model has emerged as a popular delivery method for business solutions. It allows users to access applications remotely through internet without having to install and maintain hardware and software. With cloud, businesses can deploy solutions easily, collaborate remotely and gain insights to make data-driven decisions. The pay-per-use model of cloud also helps optimize costs for businesses.
The business software and services market is segmented into enterprise resource planning (ERP), customer relationship management (CRM), supply chain management (SCM), business intelligence (BI), enterprise asset management (EAM), and other segments. The ERP segment dominated the market in 2023 and is expected to continue its dominance over the forecast period. ERP systems offer comprehensive solutions for business operations such as finance, human resource, supply chain, manufacturing, and customer relations. They help organizations streamline processes, share information across departments, and monitor business performance.
The global business software and services market is expected to witness high growth, exhibiting CAGR of 9.3% over the forecast period 2023 to 2030, due to increasing digitization of business processes.
Regional analysis: North America dominated the market in 2023 and is estimated to continue its leading position till 2030. This is attributed to high technological adoption and presence of major players in the region. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to rapid digital transformation initiatives across industries in emerging countries such as China and India.
Key players: Key players operating in the business software and services market are Acumatica, Inc., Unit4, Deltek, Inc., Totvs SA, Epicor Software Corporation, SYSPRO, International Business Machines Corporation, SAP SE, Infor, Inc., Oracle Corporation, Microsoft Corporation, and NetSuite Inc. IBM holds the largest market share as it offers a comprehensive suite of integrated software and cloud services for various business functions. Oracle and SAP also have a significant presence worldwide through their enterprise-grade business applications and solutions.
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it